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However, many bankruptcy attorneys advise against filing for bankruptcy if you have less than $10,000 in dischargeable debt because the legal fees and filing costs could outweigh any potential ...
If you paid an upfront fee to a lawyer to file Chapter 13 bankruptcy on your behalf and they never filed your case, you might be wondering if you can get that money back.
[10] [13] In coverage by Bloomberg, water rights attorney Greg James stated, "You need a large amount of money and some very powerful people to make water projects happen". Bloomberg notes that Harry Reid's son Rory is an employee of Whittemore's law firm and was the vice-chairman of the Southern Nevada Water Authority from 2003 to 2008. [10]
Increased attorney liability and costs. Attorneys representing bankruptcy filers are now required to conduct an investigation of their clients' filings and can be held personally liable for inaccuracies. Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Besides being familiar with bankruptcy laws, the attorney should be familiar with the local laws of the court where your bankruptcy case will be filed. Bankruptcy procedures tend to vary from ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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